Taxes in India are levied by the central government and the state government. Some major taxes are also levied by the local authorities such the municipality and local council. The tax structure in India is very strong. The taxation under the tax structure in India is applicable for any kind of income pertaining to a person working as an employee under the public sector, Pvt sector units etc. The authority to levy a tax is derived from the constitution of India which allocates the power to levy various taxes between the centre and the state. Constitution says no taxes are to be levied and collected expect by authority of law.
Business Query Form
Therefore each tax levied or collected has to be backed by an accompanying law passed either by the parliament or state legislature. Central board f direct taxes provides essential inputs for policy planning of direct taxes and is also responsible for administration of direct tax laws through income tax department. Different taxes are levied under the tax structure in India like Direct taxes, Personal income taxes, Tax on corporate income tax incentives, capital gains tax, Indirect taxes etc. Any tax levied by the government which is not backed by law or is beyond the powers of the legislating authority may be struck down as unconstitutional. One of the major enactment related to taxation laws is the Income Tax Act of 1961 which imposes a tax on incomes and corporations, Other major enactments are Wealth Tax Act, Central Excise Act, Custom Act etc. If you are looking for taxation and other related services in India then 365companies.com will help you in solving all your queries and provide all useful information to you.
|
